Home flips flopping nationwide, Miami still near top: report

Miami /
May.May 07, 2015 10:40 AM

Miami ranks third among cities with the most home flips, despite a nationwide decline, according to a RealtyTrac report released Thursday. 

The city saw a total of 882 flips — homes sold within 12 months of the last purchase — in the first quarter of 2015, making up 8 percent of Miami’s total home sales. That’s a 25-percent decrease in flips year-over-year from 2014, due to decreased inventory of distressed properties.

“Savvy investors are still finding opportunities in our robust real estate environment. The distressed inventory is waning but still being liquidated by the lenders, which bodes well for those individuals positioned to remodel and create turnkey properties for new homeowners,” said Mike Pappas, CEO and president of the Keyes Company, in a statement.

Flipped homes in Miami this year are also staying on the market an average of 20 days longer compared to the first quarter of 2014, according to the report. Though Miami is seeing a decrease in home flips, it still takes the third spot for cities with the highest percentage of flips. Ocala, Florida and Memphis, Tennessee rank higher.

Nationally, the percent of sold homes that were flips in the first quarter was 4 percent.  That percentage has hit its lowest point since 2011.

However, the return on investment for home flips is growing: the average gross profit from a flip sale was $72,450 — up from $65,290 in the last quarter of 2014. — Sean Stewart-Muniz

 

Related Articles

arrow_forward_ios
Residential sales fall in Southern Florida
Residential sales fall in April across South Florida
Residential sales fall in April across South Florida
Rise at Brickell City Centre at 88 SW 7 Street in Miami (Condos.com)
Closing at Rise tops Miami-Dade’s weekly condo sales
Closing at Rise tops Miami-Dade’s weekly condo sales
Faena House at 3315 Collins Avenue in Miami Beach (Condos.com)
Faena House closing tops Miami-Dade’s weekly condo sales
Faena House closing tops Miami-Dade’s weekly condo sales
A photo illustration of the Four Seasons Residences at Biscane Bay (left), the Mansions at Acqualina (middle), and the 1 Hotel & Homes at Miami Beach (right) (Condo.com, iStock)
Here are Miami-Dade’s top condo sales in April
Here are Miami-Dade’s top condo sales in April
10061 Southwest 60th Court in Pinecrest with Dr. Robert DerHagopian (Google Maps, Miami Cancer Institute)
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
2621 Flamingo Drive in Miami Beach with Mike Hezemans and Rita and Roman Shukhman (Compass, Wikipedia, Getty, LinkedIn)
Pro race car drivers sell Miami Beach spec house for $10M
Pro race car drivers sell Miami Beach spec house for $10M
Michael Dorrell, co-founder and CEO, Stonepeak Infrastructure Partners, in front of 235 Solano Prado in Coral Gables (The Jill Zeder Group, LinkedIn/Michael Dorrell)
New York investment firm founder pays record $34M for waterfront Coral Gables teardown
New York investment firm founder pays record $34M for waterfront Coral Gables teardown
Mera and Don Rubell in front of 1090 Northwest 23rd Street in Allapattah (SVN Commercial Realty, Rubell Museum, iStock)
Rubells expand their Allapattah art space with $11M industrial building purchase
Rubells expand their Allapattah art space with $11M industrial building purchase
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...